Understanding super

Make sure you decide who will be benefiting from your super if you’re not

19 August 2015

It’s easy to assume that how your super is treated when you die is automatically determined by your will. This is not always the case. It may be in your interests to make a specific decision about who receives your super.

If you don’t nominate any beneficiaries for your super, the Trustee will decide who will receive your super. They could choose your dependents or even a legal representative particularly if your estate is in dispute.

Usually, the people who will receive the proceeds from your super fund are your dependents such as your partner, spouse or your children. If you choose to leave your super to someone not financially dependent on you there could be tax implications so make sure you seek advice.

There are a number of different approaches you can take when deciding who receives your super account balance:

Make a non-binding nomination

You can tell your super fund your preferred beneficiaries this is known as a non-binding nomination. Despite your nomination, the Trustee can use its discretion to determine the ultimate home for the money and assets in the fund.

In general, the trustee will consider your request, but also take into account the financial situation of the beneficiaries when determining how to treat your super after your death. But the Trustee is not required to follow your instructions.

Make a binding nomination

This is where you give the Trustee of your super fund specific directions about who should receive your super when you die and as long as the nomination is valid, the Trustee must follow your wishes.

Making a binding nomination is as simple as filling out a form, and having it witnessed by two people (other than your nominated beneficiaries) that indicates to whom you wish your super to go to. These nominations generally expire every three years.

Make a non-lapsing nomination

If you don’t want the hassle of reviewing your binding-nomination every 3 years, you can make a non-lapsing nomination. Of course you can always change your beneficiaries should you need to at any time.

You can make a non-lapsing nomination at the same time you request a binding nomination using this form for Everyday Super and this form for WealthSmart.

If you are unsure about the nominations you have made for your super fund, it’s worth contacting our dedicated Customer Service team on 1800 191 517 between 8am and 6pm Eastern Standard Time Monday to Friday.

Important Information

This is general information only and doesn’t take into account your personal objectives, financial situation or needs. Before making any decision about whether to acquire or continue to hold any financial product, please read the relevant information and the Product Disclosure Statement (PDS) and obtain professional advice. For Suncorp Everyday Super you should read and consider the Suncorp Everyday Super PDS and Product Guide. For Suncorp Brighter Super, please read and consider the Suncorp Brighter Super Personal Super and Pension PDS or for Suncorp Brighter Super Business Super please read and consider the Suncorp Brighter Super Business Super PDS. Everyday Super, and Brighter Super are part of the Suncorp Master Trust (Fund) (ABN 98 350 952 022, RSE Fund Registration No. R1056655). Suncorp Portfolio Services Limited (Trustee), ABN 61 063 427 958, AFSL 237905, RSE Licence No L0002059 is a related body corporate of Suncorp Group Limited ABN 66 145 290 124. The products referred to are not bank deposits or other liabilities of Suncorp Bank (Suncorp-Metway Limited ABN 66 010 831 722) (SML) and are subject to investment risk including possible delays in repayment and loss of the interest and principal invested. SML is not liable or responsible for, and does not guarantee or otherwise support, Suncorp Everyday Super accounts. SuperRatings Pty Ltd (ABN 95 100 192 283, AFSL 311800)(SuperRatings) does not issue, sell, guarantee or underwrite Suncorp Everyday Super. Go to www.superratings.com.au for details of its ratings criteria.

Before moving your superannuation you should consider: any fees payable (e.g. for exit or withdrawal); where future employer contributions will be paid; whether current insurance entitlements will be retained or equivalent cover made available; and any other possible impact, e.g. to your investments or tax position.

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Contact Us. Call us on 13 11 55. BSB is 484-799 for all Suncorp Bank branches.

Products and services including banking, superannuation and insurance (including home and car insurance but not life insurance) are provided by separate companies in the Suncorp Group. Life insurance is provided by Asteron Life & Superannuation Limited ABN 87 073 979 530, AFSL 229 880 (Asteron). Asteron is part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 (TAL) group of companies. Suncorp is a distributor of Life Insurance products issued by Asteron. The different entities of TAL and the Suncorp Group are not responsible for, or liable in respect of, products and services provided by the other. Suncorp Bank ( Suncorp-Metway Ltd ABN 66 010 831 722 ) is only liable forthe banking products or services it provides and not the products and services of other companies in the Suncorp Group.